Move to sell shares of PSUs criticised

Special Correspondent

KOCHI: The CPI(ML) Red Flag, describing the move to make disinvestments at central public-sector undertakings as suicidal, has urged the Central Government to drop it.

M.S. Jayakumar, all-India secretary of Red Flag, said the PSUs had a critical role in keeping Indian economy only marginally affected by the global recession which had hurt capitalist economies deeply.

At a time when world over there was increasing realisation of the crucial role of the public sector, the UPA Government was planning to sell shares of profitably-running PSUs.

Mr. Jayakumar said the move was against the terms of the Common Minimum Programme of the previous UPA government. The CMP had categorically said that no disinvestment would be made at profit-making PSU.

In a statement, the Trade Union Centre of India (TUCI) State secretary Charles George said the move would torpedo the Indian economy and that multinational corporations would buy into some 140 important central PSUs. These would include six of the 14 Central PSUs in Kerala, which had one of the lowest Central investments in public sector.

He urged the Central Government and UPA leadership not to go ahead with the disinvestment plan.

Recommended for you